Good evening,

Canada’s Levitt-Safety, a privately owned seller of safety products, is preparing to part with its mining-focused communications division that powers Wi-Fi networks in underground coal mines for clients such as Anglo-American.

Levitt-Safety, which is based in Ontario and provides life, fire and environmental safety products and services, has hired Sydney advisory firm PKF Corporate Finance to find a buyer for NLT Digital Solutions.

NLT Digital is forecast to make more than $25 million in revenue this year, which would represent a compounded annual growth rate of 55 per cent since 2020, according to a sale flyer dubbed “Project Falco”. It is running at an EBITDA margin of more than 23 per cent.

The business has been pitched as a market-leading inventor of unique, ruggedised networking and communications technology – both hardware and software – that helps digitise underground mines and tunnels. It designs, engineers and manufactures the offering, and claims to be the first to introduce Wi-Fi networks in coal mines.

Read the full story tomorrow and more on the Street Talk page.

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Australia’s sharemarket edged lower on Tuesday in a relatively quiet session with Wall Street closed for Memorial Day.

Click here for the latest equity market wrap.